Patrick Taba, also known as Mortgage PatrickMortgage Loan Advisor in Orange County, California
Buying your next home? Let's get the timing right.
Sell first, buy first or keep your current home as a rental. I'll map out the timing, the cash and the payments so you can write a strong offer without guessing.
4.8 out of 5 from 50+ client reviewsPatrick Taba (Mortgage Patrick), NMLS #1553052, Santa Ana, CA. E Mortgage Capital, Inc., NMLS #1416824, licensed in 47 states. In states where Patrick isn't individually licensed, you'll be connected with a licensed E Mortgage Capital loan officer.
Three ways to make the move
The right one depends on your equity, your current rate and how much overlap you're comfortable with. I'll run the numbers on each.
Sell first, then buy
Your sale becomes your down payment and you only pay for one home. You might need a short-term rental in between, or a rent-back that lets you stay in your home for a while after it closes.
Homes you're paying forJust one
Buy first, then sell
Use your current home's equity for the down payment with a HELOC or a bridge loan, so you can write an offer without a sale contingency. Open a HELOC before you list, since many lenders won't approve one on a home that's for sale.
Homes you're paying forTwo, until it sells
Keep it as a rental
If your current rate is one you'd never get today, keeping the home and renting it out can make sense. Depending on the program, the rent can help you qualify for your next loan.
Homes you're paying forTwo, with rent coming in
Need the down payment before your home sells?
A HELOC on your current home can cover it while your first mortgage stays as it is. See how much your equity could get you.
Check how much you could borrowWhat will you walk away with?
A quick estimate of your cash from the sale and how far it goes on your next home.
Estimated cash from your sale
$490,000
- Your equity today$550,000
- Estimated selling costs$60,000
- Down payment on your next home$490,000 (35%)
- Loan amount you'd need$910,000
That's 20% or more down, which usually means no mortgage insurance on a conventional loan.
For illustration only. This estimate uses numbers you control and leaves out payoff interest, prorated taxes, repairs and credits, so your escrow statement will differ. It isn't an offer to lend. Your loan amount, rate and payment depend on your credit, income, assets, the property and the loan program.
From a client
Patrick is a professional. Great communication. He was honest. I will use him as I prepare to purchase another home.
Next home questions
Can I buy before I sell?
Often, yes. Lenders usually count both mortgage payments until your current home is sold or firmly under contract, so I'll check how much room your income gives you before you write an offer.
Where does the down payment come from if I haven't sold yet?
Savings, a HELOC or bridge loan on your current home, or gift funds from family can all work. Each has its own costs and rules, so I'll lay them out side by side.
Can I stay in my home after it sells?
Often, yes. A rent-back, agreed to with your buyer, can let you stay for a short time after closing while your next purchase wraps up.
What happens to my low rate?
When you sell, your current loan gets paid off. If you'd rather hold on to it, keeping the home as a rental is one way to do that, and I can run the numbers both ways.
Plan your next move
Share a few details and I'll follow up by phone or text. Rather reach out yourself? Use any of these.
- Apply onlinePurchase or refinance application
- Call (949) 468-3931
- Text (949) 468-3931
- Send HOME on Instagram@mortgage_patrick
E Mortgage Capital is licensed in 47 states. Pick your state in the form, and if I'm not licensed there, I'll connect you with a licensed loan officer on our team.
"Communication was important and Patrick communicated well with us, regardless if our concern was good, bad, or indifferent."
Patrick TabaMortgage Loan Advisor, NMLS #1553052
Sent. Thanks.
I'll call or text you shortly. Need me sooner? Call or text (949) 468-3931.